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The Commerce Department said on Tuesday the trade gap fell 22.4 percent to $34.2 billion, the smallest since October 2009. The percentage decline was the largest since February 2009. The shortfall on the trade balance was $44.1 billion in May.
When adjusted for inflation, the gap narrowed 17 percent to $43.2 billion, the smallest since January 2010. The deficit in June was far smaller than the government had estimated in its advance gross domestic product report last week.
Economists, who had expected the trade gap to narrow only to $43.5 billion in June, said second-quarter GDP growth could be revised up to as high as an annual pace of 2.5 percent from the 1.7 percent rate initially estimated by the government.
Yay! Great news! The substandard Obama recovery, with its pathetic rates of growth, may actually be slightly less pathetic than first thought. The job-killing agenda of the Obama administration is having predictable effects.
Yay! Great news! The substandard Obama recovery, with its pathetic rates of growth, may actually be slightly less pathetic than first thought. The job-killing agenda of the Obama administration is having predictable effects.
Yes it continually amazes me how liberals will seize on an abysmal number as great news and proof of how their economic policies are wonderful simply because it isn't as abysmal as the number was a month or a year ago.
It's like Yay we made a 40 on the test this time when we made a 30 on it last time!
Yay! Great news! The substandard Obama recovery, with its pathetic rates of growth, may actually be slightly less pathetic than first thought. The job-killing agenda of the Obama administration is having predictable effects.
"Starting in 1983 the quarterly growth rates were 5.1 percent, 9.3 percent, 8.1 percent and 8.5 percent, respectively."
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